Need Car Insurance and Have Personal Injury Protection Claims? Lakewood Financial Has You Covered!

personal injury protection

Let’s say you’ve been hurt in a car accident, and the other driver is at fault. Under current Florida requirements, all drivers must carry Personal Injury Protection (PIP) insurance, and even though you weren’t at fault in the accident, in order to have your injuries covered, you make a claim on your PIP. (PIP pays for your injuries if you’re hurt in an accident, no matter who is at fault.) You make the PIP claim and think no more about it.

 

But then later, you may find yourself in a predicament: your car insurance company non-renews you, and other insurance companies don’t want to insure you. If you have more than one PIP claim, you may find it nearly impossible to get car insurance.

 

Why?

 

Unfortunately, Personal Injury Protection claims are associated with insurance fraud: “While PIP premium represents roughly two percent of Florida’s collected insurance premium, this issue accounts for nearly 50 percent of fraud referrals,” according to the Florida Office of Insurance Regulation. Because of the high rate of fraud, many insurance companies now consider clients with PIP claims high risk—even if they were not at fault in an accident. This makes it difficult, if not impossible, for clients with PIP claims on their records to buy car insurance.

 

Until recently, clients with one or more PIP claims have been forced to rely on the Florida Auto Joint Underwriters Association (FAJUA). We’re happy to say that Lakewood Financial now has an alternative to the high rates of the FAJUA. If you’ve had one or more PIP claims, please call us at 941-747-4600, or contact us via email for a free, no-obligation quote. We’ve been serving the Sarasota/Bradenton and Lakewood Ranch areas since 2003, and we’re here to help. 

Tips for First-time Home Buyers

first-time home buyers

Thinking of buying your first home?  Buying a home is a big investment, so you want to make sure you understand the process and you’re ready to take the plunge before joining the mass of first-time home buyers.Doing your homework before starting to look for your dream home is one way to make sure you make a good decision rather than one entirely based on emotion.

Here are some tips to make your home-buying experience more enjoyable and less stressful:

Get pre-qualified for a loan before you begin house hunting—but carefully consider how much you actually want to spend for your mortgage each month. How do you know how much house you can afford? When figuring costs per month for your new home, remember you’ll be responsible for more than just a mortgage. Consider property taxes, homeowners insurance, homeowners association dues, maintenance, and possibly higher utilities.

Also take a hard look at your finances and consider your personal goals and the lifestyle you want to maintain. Do you want to travel? Have children? Pursue hobbies? Make sure you’ll still have the discretionary income to do those things after you buy your home.

Hire a buyer’s agent to protect your interests. Ask family and friends for recommendations to find a reputable agent. He or she should take the time to answer your questions, and help you understand the process of buying a home, as well as represent you in negotiations for your new home. If you can find an agent that specializes in first-time home buyers

Don’t rush. Take time to research the real estate market in your desired area. Make a list of features you want and features that are deal-breakers. Be sure to communicate these to your agent so you don’t waste time looking at unsuitable properties.

Don’t spend all your savings on the down payment. There may be unexpected expenses once you close on your home, or you may want or need to make some changes or improvements to it. Also, now more than ever, you’ll need to keep funds on hand for emergencies.

Shop around for homeowners insurance. You can start with the company that carries your car insurance, but don’t stop there. They might not have the most competitive rate for you. Get several quotes, and be sure that each quote contains the same coverage types and limits. We recommend that you carry replacement cost coverage. (At Lakewood Financial, we represent multiple homeowners companies, and we’d love the chance to give you a free, no-obligation quote on homeowners insurance.)

Be realistic in your expectations. Your new home doesn’t have to be perfect, but you should be aware of what repairs or cosmetic changes you’ll want to make. Be sure to have a home inspection so you’ll know what you’re getting yourself into.

Buying that first home can be one of the most exciting milestones in your life. Once you’ve found your dream home, be sure to protect your investment with the appropriate homeowners insurance coverage. We are independent agents with multiple homeowners insurance companies to choose from, as well as the expertise to find you the most cost effective policy while still insuring your home and its contents for the proper value. Call us at 941-747-4600, or contact us for a homeowners insurance quote.